Essay on Golden Limited's Balance Sheet

Better Essays
-8- -7- Suggested time: 45 minutes Maximum score: 120 points Ending Inventory (December 31, 2007) $26,000 The following transactions took place during 2007: The trial balance of Golden Limited as at 1 January 2007 is shown below: Accoun A¢ ount No 110 110 110 ca -Be d Investments ccounts Receivable 1108 110 1110 200 01 2202 --2203 3300 3301 -4400 401 5500 501 5502 5503 i504 5O5 5O6 $ $ [nt :re---st Receivable -] ÿntory * ding** Payments: Accounts Payable $15,000; Notes Payable $27,000; Income Taxes Payable $8,000; Operating Expenses $42,000 , 30,000 4. 900 Credit sales $104,000 Inventory purchased $36,000 $22,000 purchased on credit (assume…show more content…
Financial statements issued by entities, in both the private and public sectors, are reasonable conclusions on which to base the audit opinions. The reliability of audit used by various parties to evaluate, amongst other things, the entity's financial evidence is influenced by its source and by its nature and depends on the individual performance and position. These reports are the main means by which the management circumstances under which it is obtained. communicates information about the entity to the users of these reports. Briefly describe five audit procedures to obtain audit evidence; give examples and the There are, however, limitations of the reporting process that affect the usefulness of degree of reliance on evidence gathered. the financial statements. Please provide five limitations of the financial statements Begin writing your answer to Essay C on page 25 of the answer booklet. presentation. Begin writing your answer to question 1 on page 31 of the answer booklet. Suggested time: 10 minutes Maximum score: 30 points 2. For each of
Get Access